Do pet owners take out pet insurance for their valued family members?
It’s clear that pets are highly valued members of the family – though not always as equal as a human loved one. But does this translate into pet insurance coverage?
Out of all those surveyed who currently own a pet, most people don’t actually have pet insurance. The highest proportion was in America, where 24% of current pet owners had pet insurance, and Australia had the smallest proportion of survey respondents with pet insurance at 19%.
But what about those pet owners who refer to their pets as fur-babies or those who say their pet is as equally important as their own children or more important?
There was a roughly eight per cent increase in pet insurance coverage for current pet owners who call their pets fur-babies. In Australia, it was 27%, in Canada it was a nine per cent increase at 29%, while in the USA, it was another eight per cent increase to 32%.
Pet insurance coverage also increased for current pet owners who say their pet is more important than their children or loved ones. In Australia, it rose the least to 27% and in the USA, pet cover rose to 32%. Canada had the biggest jump in pet insurance coverage for this group, where 42% said they had pet insurance.
How much are people paying for pet insurance?
Each pet is different and will have its own costs – and some pet owners may be paying for multiple pet insurance policies if they have several insured animals.
According to the survey data, Australian pet owners spend the least on pet insurance at AU$165 per month, or AU$1,980 per year (US$111 per month or US$1,332 a year). On average, Canadians spend a few dollars more per month at AU$168 (AU$2,016 a year – US$114 a month or US$1,368 annually).
American pet owners spend the most on pet insurance at AU$262 a month on average – that’s AU$3,144 annually (US$177 a month, equivalent to US$2,124 a year).*
The importance of having pet insurance
Whether or not a pet is as equally important as human family members and loved ones, they’re still clearly an important part of the family, and pet insurance can help make sure they’re looked after.
Compare the Market’s General Manager of General Insurance, Adrian Taylor, notes that pet vet bills can become very expensive, and having pet insurance can help shrink this cost to help pay for important surgeries and treatments.
“Pet insurance can help cover a significant proportion of a vet bill, reducing the amount you’ll be charged if you need to take your cat or dog to the vet for urgent care,” says Taylor. “It can cover accidental injuries and illnesses, including cancer.
“Top-of-the-range pet insurance policies also cover routine care like vaccinations, check-ups, deworming, microchipping and even behaviour classes. This helps add a lot of value for owners and can help improve the wellness of our pets.”